Latest Legal News: Finextra Research

Temenos rejects Hindenburg claims after probe completed

Shares in core banking provider Temenos have risen upon news that an investigation commissioned by the company found that accusations of mismanagement by short seller Hindenburg Research were "inaccurate and misleading".

15 April 2024

Company update/people

Broadridge appoints chief legal officer

Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, announced that Hope Jarkowski has been appointed Chief Legal Officer, effective May 6, 2024.

11 April 2024

News/crypto

Insurers target crypto market

The global insurance industry is turning its attention to the risks posed by cryptocurrencies and digital assets, judging by recent product announcements.

10 April 2024

News/crime

Turkish crypto chief starts 11,196-year prison sentence

Faruk Fatih Ozer, the former boss of failed Turkish cryptocurrency exchange Thodex, has started a lengthy jail sentence after he was found guilty of defrauding investors in a multimillion dollar fraud.

03 April 2024

News/regulation

US and UK sign agreement to regulate AI models

The governments of the UK and US have signed what they claim is the first international bilateral agreement to regulate the risks of artificial intelligence (AI) models.

02 April 2024

News/people

Sam Bankman-Fried sentenced to 25 years in prison

Sam Bankman-Fried has been sentenced to 25 years in prison for stealing $8 billion from customers of FTX, the bankrupt cryptocurrency exchange he founded.

28 March 2024

News/crypto

Worldcoin banned in Portugal over privacy concerns

Worldcoin, the crypto biometric project fronted by OpenAI boss Sam Altman, has been temporarily banned in Portugal over data privacy concerns.

27 March 2024

News/payments

Visa and Mastercard reach $30bn interchange fee settlement with merchants

After nearly 20 years of litigation, Visa and Mastercard have reached a settlement with US merchants lowering and capping credit card interchange rates in a deal that could save the merchants $30 billion over five years.

26 March 2024

News/regulation

Russia-linked fintechs hit with US sanctions

The US government has imposed sanctions on 13 fintechs for offering crypto-based services to Russian firms looking to evade the economic restrictions in place since the outbreak of war in Ukraine.

26 March 2024

News/people

Binance exec escapes Nigerian custody

A Binance executive detained by Nigerian authorities last month has escaped, according to local media reports. Meanwhile, the West African country has charged the cryptocurrency exchange with a host of tax evasion charges.

25 March 2024

News/payments

Digital wallets play key role in US lawsuit against Apple

The US has filed a lawsuit against Apple, accusing the firm of monopolising the smartphone market through a host of actions, including the blocking of third-party apps from offering contactless payments.

21 March 2024

News/crypto

New York expands Digital Currency Group lawsuit to seek $3bn

New York Attorney General Letitia James has filed an amended lawsuit against crypto firm Gemini and Digital Currency Group, alleging that nearly quarter of a million investors were defrauded out of more than $3 billion, rather than the $1 billion claimed in the initial suit.

09 February 2024

Company update/crime

ING receives summons from investors over financial crime controls

Today ING and certain board members were served with a writ of summons for litigation in The Netherlands on behalf of investors who claim to have suffered financial losses in connection with ING’s disclosures on historic shortcomings in its financial economic crime policies, related risk management and control systems, the investigation by and settlement with the Dutch authorities in 2018 and related risks for ING.

08 February 2024

News/crime

CFTC cautions against AI: 'be wary of the hype'

The Commodity Futures Trading Commission (CFTC) has issued a customer advisory warning to the public to keep an eye out for artificial intelligence (AI) scams.

26 January 2024

News/crime

Artwork money laundering runs rife warns NCA in amber alert

The UK’s National Crime Agency (NCA) has issued an amber alert to prevent further money laundering in the art storage sector.

26 January 2024

News/regulation

JP Morgan to pay $18 million for violating whistleblower protection law

The Securities and Exchange Commission (SEC) has charged JP Morgan $18 million for obstructing clients and brokerage customers from reporting breaches of law to regulatory authorities. The payments giant has agreed to pay the penalty charge.

19 January 2024

News/people

SEC charges Morgan Stanley and former exec with fraud in block trading business

Morgan Stanley have agreed to pay $249 million to settle fraud charges and for failing to enforce information barriers in connection with the bank's block trading practices.

12 January 2024

News/security

Revolut faces US class action suit over biometric data collection

Revolut is facing a class action lawsuit in Illinois alleging the UK fintech giant has unlawfully collected, used and stored customers' biometric data.

10 January 2024

News/crime

DoJ cracks down on fraudsters using microtransactions

The US Department of Justice is cracking down on fraud networks that steal money from consumer bank accounts and then use 'microtransactions' to hide their activity.

19 December 2023

Company update/markets

ICE awarded $155m in software suit against PennyMac

Intercontinental Exchange, Inc. (NYSE:ICE) a leading global provider of data, technology and market infrastructure, announced that an arbitrator has found PennyMac Loan Services engaged in unauthorized use of Black Knight’s confidential information in building the PennyMac Servicing Systems Environment (SSE).

05 December 2023